THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – May 10, 2013   


As we look at today's setup for the S&P 500, the range is 32 points or 1.02% downside to 1610 and 0.94% upside to 1642.

                                                                                               

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.64 from 1.59
  • VIX  closed at 13.13 1 day percent change of 3.71%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:25am: Fed’s Evans speaks at Chicago Fed conference
  • 9:30am: Fed’s Bernanke speaks at Chicago Fed conference
  • 11am: Fed to purchase $1.25b-$1.75b debt in 2036-2043 sector
  • Noon: WASDE crop report
  • 1pm: Baker Hughes rig count
  • 2pm: Monthly Budget Stmt, April, est. $110b (prior $59.1b)
  • 2pm: Fed’s George speaks on economy in Jackson, Wyo.
  • 2pm: G-7 finance ministers, central bankers meet in U.K.

GOVERNMENT:

    • House not in session
    • 8:45am: ADP news conference with Moody’s Analytics Chief Economist Mark Zandi, to announce report on regional, state private sector employment trends
    • 9am: U.S. Chamber of Commerce economic briefing
    • 10am: Rep. Jim Moran, D-Va., briefing on current human rights situation at Guantanamo

WHAT TO WATCH

  • Icahn, Southeastern challenge Silver Lake’s offer for Dell
  • Dish said to secure Jefferies to help finance Sprint deal
  • SoftBank CEO says Dish’s bid full of “wishful” numbers
  • Yahoo’s Mayer said to explore bid for Hulu
  • Zell sees overvalued cos., fewer opportunities in real estate
  • Schaeuble signals support for easier European austerity at G-7
  • ANA 787 ads aim to lure back flyers as services resume June 1
  • American’s $3.25b in bankruptcy loans win court approval
  • ResCap bankruptcy probe to clarify $25b threat to Ally
  • ABB CEO announces sudden departure for “private reasons”
  • Verizon in talks w/media cos. to subsidize mobile usage
  • SEC money-fund rule said to make riskier funds float shr value
  • Lenovo will debut first African smartphone in Nigeria this yr
  • DuPont CEO weighs pigment swings in considering divestment
  • Mirvac buys GE’s Australian office properties for A$584m
  • U.S. Retail Sales, Pakistan Vote, Cisco: Wk Ahead May 11-18

EARNINGS:

    • Lexicon Pharmaceuticals (LXRX) 6am, $(0.05)
    • Enerplus (ERF CN) 6am, C$0.17
    • TMX Group (X CN) 6am, C$0.78
    • Sirona Dental Systems (SIRO) 6:30am, $0.72
    • EV Energy Partner (EVEP) 6:39am, $0.18
    • Onex (OCX CN) 7am, $0.11
    • Beacon Roofing Supply (BECN) 8am, $0.01
    • DiamondRock Hospitality (DRH) 8am, $0.09
    • American States Water (AWR) 8am, $0.52
    • Silver Wheaton (SLW CN) 5:33pm, $0.39

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Rubber Near Bull Market With Yen Breaching 100 as China Restocks
  • Gold Traders Divided Amid Worst ETP Rout Since ’04: Commodities
  • WTI Crude Drops a Second Day; Goldman Sees Brent Gap Narrowing
  • Gold Extends Weekly Decline as Stronger Dollar Curbs Demand
  • Copper Swings Between Gains and Drops Amid Stimulus Speculation
  • Wheat Declines as Rainfall Improves Crop Conditions in Australia
  • Cocoa Falls on Speculation Prices Climbed Too Far; Sugar Gains
  • Vietnam Robusta Crop Seen at Two-Year High as Drought Ends
  • Palm Oil Climbs to Four-Week High as Stockpiles in Malaysia Drop
  • Crude May Fall Next Week as U.S. Stockpiles Climb, Survey Shows
  • Zinc Premiums in Europe Said to Rise as Price Drop Spurs Demand
  • Best Oil Bet Fades as Ecopetrol Guerrilla Peace Elusive: Energy
  • OPEC Crude Production Rises to Five-Month High on Saudi Increase
  • Brent Pressured by U.S. Tripling Crude to Canada: Energy Markets

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS


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ASIAN MARKETS


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MIDDLE EAST


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The Hedgeye Macro Team